Home prices continue their upward trend with the San Joaquin County median price at $513,000, up 23% from July 2020. There appears at this time that this trend will continue due to low inventory, high demand, and low interest rates.
30-year mortgage rates average 3.05%. Rates will vary depending on a borrower’s credit and debt ratios. Interest rates have remained low but ,as we have learned from the past, this could change at any time. Now is the time to lock in low interest rates for a purchase of a new home or to refinance your existing home. This might be an especially good time to buy before rising prices might make it unaffordable to buy in the future.
Potential buyers should contact a lender to see what they would qualify for and what they can do with their personal debts to help their eligibility for a loan. There are many loan programs like VA for veterans that qualify for a no down payment loan. FHA requires a 3% down payment and many conventional loans that require less than a 20% down payment. Find out what would be available to you, you might be very surprised!
New listings have increased to 4,739 YTD compared to 4,571 YTD 2020. Sold properties have increased to 3,676 YTD compared to 3,465 YTD 2020. Both of these are signs of an improving 2021 real estate market
Here are the latest updates on the San Joaquin real estate market.
HOME SALE FAST FACTS: June 2020 vs June 2021
MEDIAN SALES PRICE: $513,000 (+23%)
FOR SALE: 578 Homes (+15%)
HOMES SOLD & CLOSED: 579 (-17%)
INVENTORY: 1 MO.
MEDIAN SALES PRICE: $415,000 (+22%)
FOR SALE: 260 Homes (+23%)
HOMES SOLD & CLOSED: 237 (-20%)
INVENTORY: 1.1 MO.
MEDIAN SALES PRICE: $521,000 (+21%)
FOR SALE: 109 Homes (-3%)
HOMES SOLD & CLOSED: 86 (-20%)
INVENTORY: 1.3 MO.
MEDIAN SALES PRICE: $573,000 (+25%)
FOR SALE: 113 Homes (+12%)
HOMES SOLD & CLOSED: 142 (-15%)
INVENTORY: 0.6 MO.
MEDIAN SALES PRICE: $745,000 (+35%)
FOR SALE: 77 Homes (+3%)
HOMES SOLD & CLOSED: 109 (-11%)
INVENTORY: 0.7 MO.
This article is written by Jerry Abbott, CEO and Co-owner of RE/MAX Grupe Gold. Jerry has over 48 years of real estate experience. Source: Trendgraphix July 2020 to July 2021.